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Haikou Jiangdong New Area
Trade

Roundup: Chinese bank ICBC facilitates smooth trade between China, Japan amid COVID-19

April 24, 2020


Abstract : As Japan is struggling to contain the spread of COVID-19, the Industrial and Commercial Bank of China (ICBC) Tokyo branch is promoting smooth trade and economic cooperation between China and Japan.

TOKYO, April 23 (Xinhua) -- As Japan is struggling to contain the spread of COVID-19, the Industrial and Commercial Bank of China (ICBC) Tokyo branch is promoting smooth trade and economic cooperation between China and Japan.

The Chinese bank has launched a special scheme dubbed Spring Irrigation Action to support work resumption around the world, providing cross-border financial services such as cross-border settlement and trade financing to support enterprises to cope with the impact of the pandemic.

As for the Tokyo branch, it supports cross-border business linkage to help Chinese enterprises expand exports on the one hand, and takes measures to support Japanese enterprises to combat the pandemic on the other.

Since the outbreak of the novel coronavirus, the Tokyo branch of the ICBC has opened a green channel to improve service quality and efficiency, offering services such as settlement, financing and consultation among Chinese and Japanese enterprises.

For example, after learning that a Chinese enterprise needed capital turnover and financing, the Tokyo branch of the ICBC immediately set up a team to review customers' credit qualifications and basic business information, and issued a sum of 600 million yen (5.57 million U.S. dollars) for short-term export trade financing, creating favorable conditions for the enterprise to resume work and production.

The Tokyo branch also helped another Chinese company to complete soybean procurement, which has been delivered to China.

Meanwhile, the Tokyo branch is taking steps to support the Japanese side fighting the outbreak.

It has cooperated with large local banks and provided 3.91 billion yen (36.31 million dollars) of forfeiting financing to well-known Japanese technology and equipment manufacturers, effectively promoting trade between Chinese and Japanese enterprises.

The Tokyo branch of the ICBC also contacted Japanese government agencies and local organizations to offer assistance in purchasing protective supplies to help local enterprises overcome difficulties.

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Keyword: ICBC foreign trade

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